View Full Version : Item List
11-01-2001, 03:00 PM
I have an item list in my quick books for my invoices. The items are income accounts. When I enter an invoice it puts it into my income account immediately which is what it is suppose to do I guess but what I need is to break it down on my P/L as items paid or not paid and not show it as all income because the invoices are not always paid and I can't get a true P/L on my income. Help Help Help Please
11-04-2001, 12:56 AM
You are right when you say it is doing it correctly. The problem is what you are asking from your reports.
As a full double-entry bookkeeping programme, QuickBooks uses both a Profit & Loss and a Balance Sheet to give you all the correct information. What you are asking of it is what comes from the Balance Sheet - not the profit & Loss.
When an item is sold, the P&L shows total value of the sale. The Balance Sheet shows it as an amount owing on Accounts Receivable. When the money is paid, the P&L does not change - the Balance Sheet does. The Accounts Receivable is reduced and the Bank Balance goes up.
What you are trying to do is get information from the P&L that it is not designed to give. It is not possible to post Sales from the deposit of a payment of an Invoice. This transaction is a money movement - not a Sales transaction.
I wish I could give an answer that you would like. Unfortunately the real answer is to develop an understanding of what the Profit & Loss and the Balance Sheet actually are used for. Welcome to the world of accounting!
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